US oil prices climbed above $100 a barrel on Wednesday for the first time since September 2012, following a decline in crude stockpiles and concerns that unrest in Egypt could disrupt oil supplies from the Middle East. Crude futures gained over 1% to a high of $100.64 in early Asia trade - levels not seen since May 2012. Oil prices have risen almost 4% so far this week. Egypt controls the Suez Canal - is a key transit point for oil tankers - which is why developments in Cairo are being watching closely.
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